New York, United States , Aug. 20, 2024 (GLOBE NEWSWIRE) -- As per the Latest Report by Straits Research, the global CNC milling machines market was valued at USD 82.48 bllion in 2023 and anticipated as USD 89.52 billion in 2024. It is expected to reach USD 172.31 billion by 2032, growing at a CAGR of 3.92% during the forecast period (2024–2032).
Milling is a machining process that utilizes rotary cutters to remove material from a workpiece along different tool axes using rotary cutters. The purpose of a milling machine is to cut through metal, wood, and other hard materials. The ability of CNC milling machines to create precise sizes and shapes and a wide variety of features has made it one of the most widely utilized pieces of equipment in several industries. Since the 1950s, when Computer Numerical Control (CNC) was introduced, milling machines have evolved. They are now known as CNC milling machines, which automate and improve the milling process' precision. CNC milling machines are also referred to as machining centers.
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Market DynamicsIndustrial and Economic Growth in Asia-Pacific Drives the Global Market
Emerging Asia-Pacific economies with high economic growth, markets with the potential for increased consumption, and rising industrial and manufacturing competitiveness have begun to compete with their developed counterparts in global manufacturing over the past few decades. These nations are making significant strides in all types of manufacturing, with up to 65 percent of their output coming from low- and medium-technology-enabled industries that require CNC milling machines. On the hi-tech manufacturing side, precision manufacturing, formerly dominated by nations such as the United States, Germany, Italy, Switzerland, and France, has shifted to China, Singapore, and India. Asia-Pacific accounts for 45–50% of the high-tech manufacturing market, with demand for CNC milling machines primarily driven by precision parts.
Increase in Automation Expenditure Creates Tremendous Opportunities
The global market for industrial automation is expanding steadily as demand for integrated and scalable products reaches an all-time high to satisfy rising consumer demands. This trend is observable in highly industrialized and developing nations, where businesses attempt to leapfrog old technologies in favor of the most recent fashions. In addition, as traditional IT principles continue to merge with manufacturing technology, companies can leverage the concept of a "digital factory," which gives them a distinct competitive advantage in their respective industries. Many businesses are aware that the production paradigm is shifting towards digitalization across all global industries. Nonetheless, they must collect data from various sensors to measure throughput and systems necessary for real-time analysis and performance controls.
Regional Analysis
Asia-Pacific is the most significant global CNC milling machines market shareholder and is anticipated to exhibit a CAGR of 9.05% during the forecast period. Asia-Pacific dominated the market due to its increased utilization of metal-cutting techniques. Asia-Pacific is home to some of the most prominent milling machine manufacturers, and it is anticipated that this region will continue to dominate the global market throughout the forecast period. Governmental resourcefulness, such as the "Skill India" and "Make in India" initiatives, is anticipated to increase demand for CNC milling machines in the province. In addition, China holds a substantial portion of the global and regional CNC milling machine markets. This is due to the region's significant economies increasing investments in fully automated industrial machinery and government spending on defense aircraft and equipment.
Europe is estimated to exhibit a CAGR of 7.54% over the forecast period. Europe's large CNC milling machine market is driven by demand from key end-user industries in Germany, the United Kingdom, Italy, and France. The region's currency's high value gives it a strong hold on industrial equipment. In addition, the region comprises pioneer nations specializing in manufacturing in various industries. For instance, Germany is renowned for its superior automobile manufacturing, which drives market expansion. The CNC milling machine consumables industries have substantial growth potential and have benefited the market over the past few years, with the same expected. The region continues to be at the forefront of innovation regarding machine tools, engineering, and heavy industrial machinery production.
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Key Highlights
- The global CNC milling machines market was valued at USD 82.48 bllion in 2023 and anticipated as USD 89.52 billion in 2024. It is expected to reach USD 172.31 billion by 2032, growing at a CAGR of 3.92% during the forecast period (2024–2032).
- Based on product type, the global CNC milling machines market is bifurcated into vertical, horizontal, and universal CNC milling machines. The vertical CNC milling machines segment dominates the global market and is projected to exhibit a CAGR of 7.92% over the forecast period.
- Based on axis type, the global CNC milling machines market is divided into 3-axis, 4-axis, and others. The 3-axis segment is responsible for the largest market share and is anticipated to exhibit a CAGR of 7.27% over the forecast period.
- Based on end-user, the global CNC milling machines market is segmented into automotive, electrical and electronics, aerospace and defense, and others. The automotive segment owns the highest market share and is estimated to grow at a CAGR of 7.40% during the forecast period.
- Asia-Pacific is the most significant global CNC milling machines market shareholder and is anticipated to exhibit a CAGR of 9.05% during the forecast period.
Competitive Players
- Doosan
- Five
- F-Zimmermann
- JTEKT
- Makino
- Ace Micromatic Group
- DMG MORI SEIKI
- The CHIRON Group
- GF Machining Solutions Management
- HYUNDAI WIA
- Gleason Corporation
- GROB-WERKE
- Haas Automation
- and others.
Recent Developments
- In September 2022, Bantam Tools, a manufacturer of desktop CNC machines, made waves at the International Manufacturing Technology Show (IMTS) by introducing its new desktop CNC machine, the Bantam Tools ExplorerTM CNC Milling Machine.
- In November 2022, Hurco introduced the 3-axis CNC mill VM15Di, a compact milling machine designed to reduce cutting time. Hurco says the VM15Di (XYZ travels: 760 mm by 406 mm by 506 mm) combines productivity, technology, and value. The 3-axis machining center VM15Di decreases cutting times and heat transfer.
Global CNC Milling Machines Market Segmentation
By Product Type
- Vertical CNC Milling Machines
- Horizontal CNC Milling Machines
- Universal CNC Milling Machines
By Axis Type
- 3-Axis
- 4-Axis
- Others
By End-User
- Automotive
- Electrical and Electronics
- Aerospace and Defense
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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